INVESTMENTS

6 Months Ended

Jun. 30, 2011

INVESTMENTS

INVESTMENTS

3. INVESTMENTS

The following table summarizes the Company’s investments at:

June 30, 2011	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value		Continuous Unrealized Loss Position less than 12 Months		Continuous Unrealized Loss Position greater than 12 Months
Held to Maturity
Short-term:
U.S. Treasuries	$	60,859	$	9	$	-	$	60,868	$	-	$	-
Certificates of deposit	19,530		-		-		19,530		-		-
Corporate bonds	2,042		-		-		2,042		-		-
Municipal securities	83,186		-		24		83,162		24		-
U.S. government agency securities	44,794		-		5		44,789		5		-
Available-for-sale
Short-term:
Variable rate demand notes	45,373		-		-		45,373		-		-
Long-term:
Auction rate securities	3,320		-		-		3,320		-		-
Total	$	259,104	$	9	$	29	259,084		$	29	$	-
Trading
Short-term:
Auction rate securities							25,434
Long-term:
Auction rate securities							26,882
Total							$	311,400

December 31, 2010	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value		Continuous Unrealized Loss Position less than 12 Months		Continuous Unrealized Loss Position greater than 12 Months
Held to Maturity
Short-term:
U.S. Treasuries	$	66,521	$	-	$	2	$	66,519	$	2	$	-
Certificates of deposit	7,004		-		-		7,004		-		-
Municipal securities	71,266		-		15		71,251		15		-
U.S. government agency securities	19,688		-		8		19,680		8		-
Available-for-sale
Short-term:
Variable rate demand notes	56,107		-		-		56,107		-		-
Long-term:
Auction rate securities	27,790		-		2,408		25,382		-		2,408
Total	$	248,376	$	-	$	2,433	245,943		$	25	$	2,408
Trading
Short-term:
Auction rate securities							24,063
Long-term:
Auction rate securities							18,807
Total							$	288,813

During the six-months ended June 30, 2011 and the year ended December 31, 2010, realized gains and/or losses recognized on the sale of investments were not significant.

All of the Company’s investments at June 30, 2011 and December 31, 2010 in U.S. Treasuries, certificates of deposit, corporate bonds, municipal securities, U.S. government agency securities and variable rate demand notes (“VRDNs” - see Note 4) carry investment grade or better credit ratings. The majority of the Company’s investments at June 30, 2011 and December 31, 2010 in municipal, educational or other public body securities with an auction reset feature (“auction rate securities”- see Note 4) also carry investment grade or better credit ratings.

The following table summarizes the underlying contractual maturities of the Company’s investments at:

	June 30, 2011				December 31, 2010
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Less than 1 year:
U.S. Treasuries	$	60,859	$	60,868	$	66,521	$	66,519
Certificates of deposit	19,530		19,530		7,004		7,004
Corporate bonds	2,042		2,042		-		-
Municipal securities	83,186		83,162		71,266		71,251
U.S. government agency securities	44,794		44,789		19,688		19,680
Due 1 - 10 years:
Variable rate demand notes	6,175		6,175		3,001		3,001
Due 11 - 20 years:
Variable rate demand notes	12,801		12,801		11,002		11,002
Auction rate securities	9,786		9,786		10,305		9,819
Due 21 - 30 years:
Variable rate demand notes	19,221		19,221		30,426		30,426
Auction rate securities	40,249		40,249		48,779		46,857
Due 31 - 40 years:
Variable rate demand notes	7,176		7,176		11,678		11,678
Auction rate securities	5,601		5,601		11,576		11,576
Total	$	311,420	$	311,400	$	291,246	$	288,813